N2 we examine how a central banks economic forecasts affect forecasts by professional forecasters and vice versa. Fujita and fujiwara explore a causal link between the aging of the labor force and the deflationary pressure in japan. Optimal monetary policy in open economies revisited. Ippei fujiwara is a professor of macroeconomics at keio university and the australian national university anu. On two notions of imperfect credibility in optimal monetary policies, with timothy kam and takeki sunakawa, 2019, economics letters, 174, 2225. Ippei fujiwara then cqer center for quantitative economic research number 1, 2009 letters federal reserve bank of atlanta directors note by tao zha guillermo calvo left of columbia university, the conference keynote speaker, chats with steve kay, coordinator of the atlanta feds americas. Wednesday 6 september canberra australiajapan research centre. Citescore values are based on citation counts in a given year e. Comment on why has japan failed to escape from deflation. Ippei received his phd in economics, nuffield college, university of oxford. T1 is the central banks publication of economic forecasts influential.
Mototsugu shintani faculty of economics university of tokyo. Professor, faculty of economics, keio university professor, australian national university. Global liquidity trap with tomoyuki nakajima, nao sudo, yuki teranishi. Bilbiie and ippei fujiwara, journal of monetary economics 64 may 2014. Output composition of the monetary policy transmission mechanism in japan. Filmed on 6th december 2016 lectured by professor ippei fujiwara.
Elementary macroeconomics 1 for pearl students youtube. Foundation, and the japan institute for energy economics ieej, among others. Other macroeconomic implications of population ageing. This paper revisits optimal monetary policy in open economies, in particular, focusing on the noncooperative policy game under local currency pricing in a twocountry dynamic stochastic general equilibrium model. The central bank faces a tradeoff between welfare of workers and retirees since monetary policy alters this welfare distribution. Im director at simetrica, a research consultancy that focuses on social impact measurement and policy evaluation uk and im also a researcher at the centre for economic performance at the london school of economics.
Foreign exchange reserves as a tool for capital account management with ippei fujiwara, kevin x. While it is crucial for the central banks to communicate their policy action plans to the private sector, guidance that helps the private sector form more accurate forecasts of future shocks can be undesirable and destabilising. Prior to joining the university of glasgow, he has worked for the australian national university and. We develop a new keynesian searchmatching model that features heterogeneities in age and. They develop a new keynesian searchmatching model where workers gain firm. He published a book on the analysis of the world economy from the. Ippei fujiwara is professor of economics, faculty of economics, keio university, and also crawford school of public policy, australian national university. The nber, the tokyo center for economic research, the korea development institute, the hong kong university of science and technology, the peking university china center for economic research, the national university of singapore, the australian national university, and the chunghua institution for economic research taipei jointly sponsored the nbers 29th annual east asian. Ippei fujiwara is professor of macroeconomics at the crawford school of public policy, fellow of the asian bureau of finance and economic research abfer, research associate at the globalization and monetary policy institute, federal reserve bank of dallas, japan director for australiajapan research centre ajrc, and the deputy director at the center for applied macroeconomic. Scott davis joined the federal reserve bank of dallas as a research economist in september 2010. Forward guidance or the expected virtue of ignorance, discussion paper 16e027, research institute of economy, trade and industry rieti. His research is in the field of open economy macroeconomics, particularly the effect of trade and financial integration on the international transmission of businesscycle fluctuations.
This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. Summary of the 2008 international conference, monetary and economic studies, institute for monetary and economic studies, bank of japan, vol. Keio university faculty of economics contributions. Unc international macroeconomics seminars are on thursdays at 3. In this paper we consider a twocountry new open economy macroeconomics model, and analyze the optimal monetary policy when countries cooperate in the face of a global liquidity trapi.
He is also a faculty fellow at research institute of economy, trade and industry rieti. Sep 01, 2018 the nber, the tokyo center for economic research, the korea development institute, the hong kong university of science and technology, the peking university china center for economic research, the national university of singapore, the australian national university, and the chunghua institution for economic research taipei jointly sponsored the nbers 29th annual east asian seminar on. We thank the editor, yuriy gorodnichenko, the associate editor, vivian yue, and an anonymous referee. Ippei fujiwara, naoko hara, naohisa hirakata, takeshi kimura, and shinichiro watanabe, 2007. Comments by ippei fujiwara asian economic papers mit. Discussion papers in economics and business, osaka university, graduate school of economics view citations 3 see also journal article in japan and the world economy 2007 output composition of monetary policy transmission mechanism in japan discussion papers in economics and business, osaka university, graduate school of economics view. Huang and jiao wang federal reserve banks federal reserve bank of dallas, australian national university anu crawford school of public policy, federal reserve bank of philadelphia and university of melbourne melbourne institute of applied economic and social research. Optimal monetary policy with endogenous entry and product variety with florin o. Research associate at the globalization and monetary policy institute, federal bank of dallas. The authors developed a model with human capital depreciation.
Tomoyuki nakajima national bureau of economic research. Oct 02, 2019 november 9, 2019 university of washington, seattle the 8th annual west coast workshop in international finance will be held at. Australian national university anu crawford school of public policy. The fiscal multiplier and spillover in a global liquidity. Keio university and australian national university. Nj international economics section at the department of economics of princeton university. Apr 02, 2020 takako fujiwara greves page last update. How much asymmetry is there in bond returns and exchange. His research centres on international finance, monetary economics and macroeconomics. Bilbiie, ippei fujiwara, journal of monetary economics, forthcoming. Womens access to labor market opportunities, control of household resources, and domestic violence.
Ippei fujiwara, tomoyuki nakajima, nao sudo, yuki teranishi. Articles in press latest issue all issues submit your article. Evidence from government formation with carlos sanz. Abstract we measure asymmetries in the distribution of bond returns and exchange rates and test their. May 21, 2016 ippei fujiwara is a professor of macroeconomics at keio university and the australian national university anu. Finally, economists shigeru fujita and ippei fujiwara looked for a causal link between an aging of the workingage population and inflation. We consider the fiscal multiplier and spillover in an environment in which two countries are caught simultaneously in a liquidity trap. Output composition of the monetary policy transmission. Cqerletters center for quantitative economic research. Ippei fujiwara crawford school of economics and government.
Using a standard new open economy macroeconomics noem model, an optimizing twocountry sticky price model, we show that the fiscal multiplier and spillover are contrary to those predicted in textbook economics. Huang and jiao wang federal reserve banks federal reserve bank of dallas, australian national university anu crawford school of public policy, federal reserve bank of philadelphia and university of melbourne melbourne institute of applied economic. Journal of economic dynamics and control special issues. Ippei fujiwara is professor of macroeconomics at the crawford school of public policy, fellow of the asian bureau of finance and economic research abfer, research associate at the globalization and monetary policy institute, federal reserve bank of dallas, japan director for australiajapan research centre ajrc, and the deputy director at the. If the address matches an existing account you will receive an email with instructions to reset your password. Ippei fujiwara national bureau of economic research. Huang, jiao wang, 2020, forthcoming in the journal of monetary economics monetary policy divergence and net capital flows. Ippei fujiwara faculty of economics keio university 21545, mita, minatoku tokyo 1088345 japan tel. Ippei fujiwara, faculty of economics, keio university, 2. Global liquidity trap with ippei fujiwara, nao sudo, yuki teranishi. The 14th joint economics symposium was held at the university of sydney, on 1617 january 2020. These topic labels come from the works of this person. Asymmetry in government bond returns by ippei fujiwara.
Private news and monetary policy vox, cepr policy portal. Can news be a major source of aggregate fluctuations. Richard dennis gained his phd from the australian national university in 2001. The zero lower bound and monetary policy in a global. Economics as well as philosophy and japanese language and classical literature. Professor ippei fujiwara ippei fujiwara is professor of macroeconomics at the crawford school of public policy. Mototsugu shintanifaculty of economics university of tokyo, iser osaka university, imes bank of japanverified email at econ. Ippei fujiwara arndtcorden department of economics. Ippei fujiwara university of north carolina at chapel hill. Mototsugu shintani faculty of economics university of tokyo, iser osaka university. Ippei fujiwara, keio university chalongphob sussangkarn, tdri 11.
Optimal monetary policy with endogenous entry and product variety, with florin o. The zero lower bound and monetary policy in a global economy. Shigeru fujita, federal reserve bank of philadelphia, and ippei fujiwara, australian national university aging and deflation. Professor fujiwara worked for the bank of japan for 18 years before joining anu in 2011. Find researchers and browse publications, fulltexts, contact details and general information related to the faculty of economics at keio university for full functionality of researchgate it is. Endogenous entry, product variety, and business cycles, with florin o. Optimal monetary policy with endogenous entry and product variety. Find researchers and browse publications, fulltexts, contact details and general information related to the department of economics at keio university for full functionality of researchgate it is. Ippei fujiwara is professor of macroeconomics at the crawford school of public policy, fellow of the asian bureau of finance and economic research abfer. A simple analytical investigation scholars choice edition yuki teranishi, ippei fujiwara, international journal of central banking on. There is a strong emphasis on theory supported by a range of applications, in particular to the asia pacific region. Keio university department of economics contributions.
The university of washington, seattle, on saturday, november, 9th. We have also benefited from conversations with marvin goodfriend, zheng liu, enrique mendoza, andrew rose, mark spiegel, martin uribe, yi wen, and seminar participants at the federal reserve banks of dallas and boston and osaka university, the china meeting of the econometric society, and the. This course examines key analytical, empirical and policy issues in monetary policy and central banking. July 2014 abstract this paper explores a causal link between aging of the labor force and declining trends in the real interest rate and in. For other information contact simon alder and stan rabinovich. Stebunovs, journal of international economics 95 march 2015. How much asymmetry is there in bond returns and exchange rates. This cited by count includes citations to the following articles in scholar. Recent journal of monetary economics articles elsevier. Ippei fujiwara centre for climate and energy policy.
Foreign exchange reserves as a tool for capital account. Fingerprint dive into the research topics where ippei fujiwara is active. Ippei fujiwara, kazuo fukuda, ichiro muto, yosuke shigemi, and wataru takahashi, 2008. A bayesian dsge approach, vanderbilt university department of economics working papers 0921, vanderbilt university department of economics. Petersburg, russia and examine the mixed progress of the global economy over. May 21, 2016 ippei fujiwara, yuichiro waki 21 may 2016 this column asks whether such information should be communicated to the public.
He completed his dphil in economics at the university of oxford nuffield, and a phd in applied economics at osaka university. Aging and declining trends in the real interest rate and. Ippei fujiwara is professor of macroeconomics at keio university and anu. Rieti books english rieti books japanese history of japans trade and industry policy. Ippei fujiwara is professor of macroeconomics at the crawford school of public policy, fellow of the asian bureau of finance and economic research abfer, research associate at the globalization and monetary policy institute, federal reserve bank of dallas, japan director for australiajapan research centre ajrc, and the deputy director at the center for applied macroeconomic analysis cama. Demand composition and the trade collapse of 200809, with matthieu. Economics letters vol 174, pages 1218 january 2019. He received his phd from the massachusetts institute of technology. Monetary policy and central banking in the asia pacific anu. Fujiwara and teranishi analyze the interaction between population ageing and monetary policy using a newkeynesian version of gertlers 1999 model. Professor, keio university and australian national university. Ippei fujiwara sustainable international monetary policy cooperation, with timothy kam and takeki sunakawa, accepted, journal of economic, dynamics and control.
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